Morocco’s trade deficit widened by 2.8% in 2017, the Exchange Control Office said.
Morocco’s trade gap widened to 190.2 billion dirhams against 185 billion dirhams a year earlier, the source pointed out in a release, noting that the coverage rate of imports by exports increased from 54.8% in 2016 to 56.3% in 2017.
Imports amounted to 435.2 billion Dirhams (+ 6.4%), while exports grew by 9.4% to 245 billion Dirhams, it said.
The increase in imports is due to a rising energy bill (+ 27.4%) and higher prices of raw products (+ 15.8%), the source said, noting that Morocco reduced its imports of food products by 4.7%.
According to the Exchange Control Office, exports of the aeronautical sector grew by 20% while those of phosphates and by-products increased by 11.1%.